Is Bitcoin losing its purpose? - page 2.

breathlessz

member

Activity: 770

Merit: 12

Trphy.io

Quote from: Abiky on April 20, 2022, 09:14:09 AM

Quote from: kawetsriyanto on April 11, 2022, 06:58:19 PM

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts Grin

exchange is just a company that is under the auspices of the government, so it must also comply with the requirements of the government. therefore KYC is needed to make it easier for the government to track every user. this is very visible to local exchanges, by having our identity the government is free to see our transactions making tax rules in the end. and indeed anonymity is not fully visible here, but we can't do much, except to follow the rules from the government even though it's not in accordance with our conscience

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: Abiky on April 20, 2022, 09:14:09 AM

Quote from: kawetsriyanto on April 11, 2022, 06:58:19 PM

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts Grin

We are really heading there and its inevitable considering that crypto do really get much attention then its no surprise that it would really be targeted or close monitored by the government.They might not

able to get rid or stop it technically but on the sense that they could touch up platforms or any service that is attached to it then t hey would really be doing such chances and possibilities thats why

these services doesnt have any choice but to abide these laws which would be passed up into its users and honestly we cant really do anything but in exchange then the comfort is really there
but the true essence is really fading away.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: kawetsriyanto on April 11, 2022, 06:58:19 PM

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts Grin

kawetsriyanto

legendary

Activity: 2226

Merit: 1086

duelbits.com

Quote from: Masplanc on April 11, 2022, 04:45:11 PM

How can Bitcoin lose it purpose? Bitcoin is beautifully doing very well and it plays it's purposes daily by users . Bitcoin growing and becoming more popular everyday. The purpose of bitcoin is been seen more expecially in Russia, where they sell their oil with bitcoin.

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: romero121 on April 11, 2022, 06:35:08 PM

Quote from: AmoreJaz on April 11, 2022, 04:50:57 PM

Quote from: ILuckyGuyI on September 04, 2021, 08:46:48 AM

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

More countries are involved in creating a regulatory framework that will keep the users within the eyes of the government. This isn't possible with bitcoin, and now only bitcoin is gaining its importance and serving people with its real purpose for which this is being innovated. In recent days the big role and usage of bitcoin is found among the people of Ukraine and Russia. Governments haven't seen such a kind of real-time usage in the past and that's the one leads to the intervention by different governments.

They are trying to suppress it as much as they could even up to these days and some had gave up and adapted it instead and some do still find ways on how to exploit this system or breaking overall but still fail to do so.

Just as we can see on how government do really make out some new laws and regulations in regarding about crypto since they cant see nor control everything thats why we do see lots of ways that they are doing.

Bitcoin is still standing strong and with having huge community support yet it do able to stand the test of time and still remain its purpose.

romero121

legendary

Activity: 3234

Merit: 1214

Vave.com - Crypto Casino

Quote from: AmoreJaz on April 11, 2022, 04:50:57 PM

Quote from: ILuckyGuyI on September 04, 2021, 08:46:48 AM

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

More countries are involved in creating a regulatory framework that will keep the users within the eyes of the government. This isn't possible with bitcoin, and now only bitcoin is gaining its importance and serving people with its real purpose for which this is being innovated. In recent days the big role and usage of bitcoin is found among the people of Ukraine and Russia. Governments haven't seen such a kind of real-time usage in the past and that's the one leads to the intervention by different governments.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: AmoreJaz on April 11, 2022, 04:50:57 PM

Quote from: ILuckyGuyI on September 04, 2021, 08:46:48 AM

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

Government do really love to involved on everything which isnt surprising.If they cant taxed all of crypto transactions then they would normally be touching on centralized platforms which can be easily regulated.
For us crypto enthusiast or supporters then we dont really have any choice but to deal with it but doesnt mean that Bitcoin is losing its purpose.It is really just the platforms that we are just using
do really remove the essence of anonymity but doesnt mean that we would be completely be stop on here.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: ILuckyGuyI on September 04, 2021, 08:46:48 AM

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

Masplanc

member

Activity: 798

Merit: 34

How can Bitcoin lose it purpose? Bitcoin is beautifully doing very well and it plays it's purposes daily by users . Bitcoin growing and becoming more popular everyday. The purpose of bitcoin is been seen more expecially in Russia, where they sell their oil with bitcoin.

LUCKMCFLY

legendary

Activity: 2590

Merit: 1882

Leading Crypto Sports Betting & Casino Platform

Quote from: jaysabi on September 05, 2021, 01:09:51 AM

Quote from: Rruchi man on August 21, 2021, 10:45:04 PM

Quote from: Chato1977 on August 21, 2021, 10:10:32 PM

but admit the fact that Bitcoin is not created in purpose of Asset or Holding

It is deemed an asset now because it's volatility/liquidity is still very high, The original intention for it as an alternative currency will come into play when its liquidity has reduced, and almost all the mineable bitcoin has been mined. The value will by then become stable and the original intention the creators have for it will materialize.

I don't see a reason for this to lead to price stability. If the world is still denominated in fiat currencies, then chasing the limited supply of bitcoin (assuming the store of value premise is still relevant) will mean the price will still be based on speculation and thus likely suffer from high volatility. This is what keeps it from being a useful currency. Also, with the elimination of block rewards, fees are likely to go up to subsidize the cost of mining, further reducing any utility as a currency.

As time goes by, not only will some see it as currency, it may not meet some standards, but JP Morgan banks are already accepting it despite JP Morgan going very against BTC, some economists, banks and Governments will never accept volatility, it is obvious, they will go to safe assets and stocks, such as Gold, among others.

Crypto currencies can never be of a nature like fiat money, their protocols are very different, this without mentioning that crypto is usually deflationary in nature while fiat money is inflationary in nature and its endorsements such as gold is simply a mirage. I think that the purpose of BTC still holds and with much more force as time goes on.If we take into account the examples of countries like "El Salvador" and possibly Paraguay, it changes every point of view of those who are enemies of BTC.

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: Rruchi man on August 21, 2021, 10:45:04 PM

Quote from: Chato1977 on August 21, 2021, 10:10:32 PM

but admit the fact that Bitcoin is not created in purpose of Asset or Holding

It is deemed an asset now because it's volatility/liquidity is still very high, The original intention for it as an alternative currency will come into play when its liquidity has reduced, and almost all the mineable bitcoin has been mined. The value will by then become stable and the original intention the creators have for it will materialize.

I don't see a reason for this to lead to price stability. If the world is still denominated in fiat currencies, then chasing the limited supply of bitcoin (assuming the store of value premise is still relevant) will mean the price will still be based on speculation and thus likely suffer from high volatility. This is what keeps it from being a useful currency. Also, with the elimination of block rewards, fees are likely to go up to subsidize the cost of mining, further reducing any utility as a currency.

Rasa nanas

full member

Activity: 1442

Merit: 108

Quote from: maisao1991 on August 23, 2021, 03:34:07 AM

in my own opinion the usa is actually a free country in terms of individuals and they don't care about any individual rights of each person. but if the US government requires everyone to participate in KYC before participating in the cryptocurrency market, then they are actually implementing a greedy scheme to make profits for their government.

I agree with you that the United States of America is the most free country in individual affairs, but if the problem can lead to crime of course any country will not stand still. if required for KYC in my opinion it is not a big problem especially personal data will be protected by the state. After all KYC is a common thing, just like you when you first opened an account at a bank.

ILuckyGuyI

hero member

Activity: 2030

Merit: 402

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

Ngewex Yuk

sr. member

Activity: 1190

Merit: 250

Quote from: maisao1991 on August 23, 2021, 03:34:07 AM

in my own opinion the usa is actually a free country in terms of individuals and they don't care about any individual rights of each person. but if the US government requires everyone to participate in KYC before participating in the cryptocurrency market, then they are actually implementing a greedy scheme to make profits for their government.

The implementation of KYC certainly makes it easier for the government to monitor crypto transactions, if they see suspicious transactions then they can easily block the account, this is a big pressure for crypto when many exchanges implement KYC.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: Sithara007 on August 23, 2021, 10:34:52 PM

So what makes you think that the purpose of Bitcoin was not to act as a speculative investment asset? Nothing in Satoshi's original whitepaper says that Bitcoin should be exclusively used as a currency, and it should not be used as an investment asset. Satoshi's main intention was to change the current centralized banking system, and for that it doesn't really matter whether Bitcoin is used for payments or not. And that said, Bitcoin is still being used as a currency and with every passing year more and more stores are accepting it.

The problem lies within the people, not the way Bitcoin was designed. There's nothing we can do if most people use Bitcoin as a speculative asset instead of a currency. Human greed will always be there, so we should learn to live on with it. What matters is that Bitcoin stays true to its principles by being a decentralized and censorship-resistant cryptocurrency anyone can use worldwide. As long as people have an exit route from the current monetary system, nothing else matters.

The fact that Bitcoin is decentralized and open source, gives people the liberty to do what they want with it. Adoption is growing at a fast pace, so it should only be a matter of time before Bitcoin gets used more thoroughly as a currency for day-to-day payments. The Lightning Network will make Bitcoin extremely practical as a currency due to its ultra-low fees and near-instant speeds. With due time, Bitcoin will achieve its purpose by being a peer-to-peer electronic cash system. We just need to be patient in order to see great results in the future. Just my opinion

monineklutak

sr. member

Activity: 1890

Merit: 252

The OGz Club

Quote from: 19Nov16 on August 25, 2021, 09:59:03 AM

Quote from: Victorycoin on August 22, 2021, 02:36:09 AM

Bitcoin is still on its way bitcoin is not losing its purpose bitcoin is being used as a digital currency and traders are gaining by investing in bitcoin than trading every day it is better to keep it for a long time. If you don't understand the market properly for trading, you will lose everything if you make a mistake although bitcoin has not yet been introduced as a payment method in the whole world everyone is assuming that it will be accepted by everyone very soon.

What bitcoin is currently achieving in my opinion is amazing performance, the larger number of users makes the price continue to rise and this is according to the laws of the market so no one can manipulate.

It's true that we can see for ourselves since the beginning of the appearance of Bitcoin the price is still very cheap,
and now we can see the price is really going up and of course this achievement is not easy to get,
I'm sure Bitcoin will still go up, the most important thing for now is just to wait

TheGreatPython

sr. member

Activity: 2660

Merit: 339

Quote from: Victorycoin on August 22, 2021, 02:36:09 AM

Bitcoin is still on its way bitcoin is not losing its purpose bitcoin is being used as a digital currency and traders are gaining by investing in bitcoin than trading every day it is better to keep it for a long time. If you don't understand the market properly for trading, you will lose everything if you make a mistake although bitcoin has not yet been introduced as a payment method in the whole world everyone is assuming that it will be accepted by everyone very soon.

Did you even read the OP actually? The problem isn't about losing money in crypto trading or how popular bitcoin is right now.

The part OP wants to discuss is the added focus towards KYC on most of the sites these days. Earlier, you could gamble on a crypto casino without any hassles but now you may be asked for KYC and that directly means you are liable to pay taxes.

Earlier no exchanges used to ask for KYC before trading above a certain limit but now every exchange needs all the details about the user unless you want to trade peanuts.

19Nov16

sr. member

Activity: 1722

Merit: 252

Quote from: Victorycoin on August 22, 2021, 02:36:09 AM

Bitcoin is still on its way bitcoin is not losing its purpose bitcoin is being used as a digital currency and traders are gaining by investing in bitcoin than trading every day it is better to keep it for a long time. If you don't understand the market properly for trading, you will lose everything if you make a mistake although bitcoin has not yet been introduced as a payment method in the whole world everyone is assuming that it will be accepted by everyone very soon.

What bitcoin is currently achieving in my opinion is amazing performance, the larger number of users makes the price continue to rise and this is according to the laws of the market so no one can manipulate.

SquallLeonhart

legendary

Activity: 2464

Merit: 1102

Quote from: Snappycoco on August 23, 2021, 11:22:59 AM

Yeah it has now transitioned into an speculative asset backed by trust. BTC is evolving into a store of value asset and somehow its utility is not fully utilized. Its now becoming an investment rather a peer to peer digital currency and that's where governments are trying to regulate. I think in the future we could still be operated anonymously without intermediary using BTC but using DeFi sector and not the centralised one.

I wouldn't say backed by trust because there are so many miners and the amount of electricity used for crypto is getting to an insane level, but at the same time I would have to say that it is definitely correct that we are making a leeway towards becoming just a "come here and make a profit!!!" type of deal for many people. Don't get me wrong it is cool to make a profit from crypto, any crypto, but it is not just about that, we should not be investing into crypto JUST for profit, we should focus on that, it could even be the main thing if you want to, but it should also include other stuff as well.

For example, the amount of development made on the blockchain technology in the past 10 years is the reason why world should switch databases into blockchain based reward giving databases, after all there are so many companies with database needs that we could literally get paid by those companies to hold those information in our computers (split up to be secure so nobody snoops around) and they would have to pay less than what they are paying to databases, that is just ONE example.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

I agree in large part but this is something that was inevitable. Most people in this world are too stupid to understand what needs to be done to make this place better for us all, it's just a simple true fact of life. Sadly the majority of people whom own bitcoin only do so to make "profits", as you'll see stated around this forum quite a bit. I think cryptocurrency has a ton of upside to do a lot of good in the finance industry and it's exactly why I started "getting in to" bitcoin as a financial advisor. That being said things like DeFi have a LONG WAY to go before ever coming close to replacing finance at banks..reason being is these currently are unsustainable scams.

Topic: Is Bitcoin losing its purpose? - page 2. (Read 1136 times)